Bulgarian MPs to hear central bank nominees on July 14

Written by on July 10, 2015 in Bulgaria - Comments Off on Bulgarian MPs to hear central bank nominees on July 14

Bulgaria’s Parliament voted on July 10 to hold an extraordinary sitting on July 14 to hear the four nominees for governor of the Bulgarian National Bank, but it remains unclear whether the vote to appoint the central bank governor would be held on the same day.

The rules approved by Parliament last month did not envision hearings on the House floor, with the candidates instead scheduled to speak to the budget and finance committee of the National Assembly. The hearings took place on July 9.

July 10 was the date set by GERB, the majority partner in Bulgaria’s ruling coalition, as the latest date that a new central bank governor would be appointed to replace incumbent Ivan Iskrov; it is also the earliest date that an appointment can be made, under the provisions of Bulgarian law.

Iskrov has faced numerous calls over the past year to resign for his handling of the situation around the Corporate Commercial Bank (CCB), now under the administration of bankruptcy receivers, but has repeatedly refused to so until a replacement is elected (even though, but law, the process of appointing one could not start until after he formally resigned).

Last month, Iskrov sent a letter to Parliament, saying that was to serve as his resignation letter effective July 10. Parliament has to vote on his resignation – since it comes with three months still left on his term in office – before appointing a replacement, but it was unclear whether this vote would be held on July 14 as well.

(Bulgarian National Bank building. Photo: Clive Leviev-Sawyer)

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